Horngren's Accounting, Student Value Edition (12th Edition)
12th Edition
ISBN: 9780134487151
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter 15, Problem 4QC
A company invested $45,000 in Yale Co. stock. The investment represented 5% of the voting stock of Yale Co. If the Yale Co stock investment paid dividends, what account would be credited?
Learning Objective 3
- Equity Investments
- Interest Revenue
- Dividend Revenue
- Cash
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
(Learning Objectives 2, 3, 4: Reconstruct transactions from the financial statements)Parker Networking Solutions began operations on January 1, 2018, and immediately issuedits stock, receiving cash. Parker’s balance sheet at December 31, 2018, reported the followingstockholders’ equity:Common stock, $1 par...................... $ 59,000Additional paid-in capital.................. 473,500Retained earnings.............................. 40,000Treasury stock, 300 shares................ (3,600)Total stockholders’ equity............ $568,900During 2018, Parkera. issued stock for $9 per share.b. purchased 800 shares of treasury stock, paying $12 per share.c. resold some of the treasury stock.d. declared and paid cash dividends.
S13-7 Accounting for cash dividends
Learning Objective 4
Java Company earned net income of $85,000 during the year ended December
31, 2018. On December 15, Java declared the annual cash dividend on its 4%
preferred stock (par value, $120,000) and a $0.25 per share cash dividend on its
common stock (50,000 shares). Java then paid the dividends on January 4,
2019.
Requirements
1. Journalize for Java the entry declaring the cash dividends on December
15, 2018.
2. Journalize for Java the entry paying the cash dividends on January 4,
2019.
Using Excel to Calculate Equity Balances
PROBLEM
Pasta Creations issued additional shares of common shares,
reported net income, and declared dividends during the
year. Information concerning its equity is provided here.
Beginning of year common shares
Beginning of year retained earnings
Additional common shares issued
Net income reported
Dividends declared
$ 98,000
476,000
52,000
78,000
16,000
Student Work Area
Required: Provide input into cells shaded in yellow in this
template. Input the required mathematical formulas or functions
with cell references to the Problem area or work area as
a. Calculate the ending balances of (1) common shares, (2)
retained earnings, and (3) total shareholders' equity.
Common shares
Retained earnings
Total shareholders' equity
b. Calculate the same amounts if the company had reported a
net loss rather than net income and had not declared any
dividends.
Net loss amount
Common shares
Retained earnings
Total shareholders' equity
$
72,000
Chapter 15 Solutions
Horngren's Accounting, Student Value Edition (12th Edition)
Ch. 15 - Prob. 1QCCh. 15 - Which of the following investments is most likely...Ch. 15 - Prob. 3QCCh. 15 - A company invested $45,000 in Yale Co. stock. The...Ch. 15 - Prob. 5QCCh. 15 - Prob. 6QCCh. 15 - Prob. 7QCCh. 15 - Prob. 8QCCh. 15 - Prob. 9QCCh. 15 - Prob. 10QC
Ch. 15 - Prob. 1RQCh. 15 - Prob. 2RQCh. 15 - Prob. 3RQCh. 15 - Prob. 4RQCh. 15 - Prob. 5RQCh. 15 - Prob. 6RQCh. 15 - Prob. 7RQCh. 15 - Prob. 8RQCh. 15 - Prob. 9RQCh. 15 - Prob. 10RQCh. 15 - Prob. 11RQCh. 15 - Prob. 12RQCh. 15 - Prob. 13RQCh. 15 - Prob. 14RQCh. 15 - Prob. S15.1SECh. 15 - Prob. S15.2SECh. 15 - Prob. S15.3SECh. 15 - Prob. S15.4SECh. 15 - Prob. S15.5SECh. 15 - Prob. S15.6SECh. 15 - Prob. S15.7SECh. 15 - Accounting for debt investments Learning Objective...Ch. 15 - Prob. E15.9ECh. 15 - Prob. E15.10ECh. 15 - Prob. E15.11ECh. 15 - Accounting for equity investments Learning...Ch. 15 - Prob. E15.13ECh. 15 - Prob. E15.14ECh. 15 - Prob. E15.15ECh. 15 - Prob. E15.16ECh. 15 - Prob. E15.17ECh. 15 - Prob. P15.18APGACh. 15 - Prob. P15.19APGACh. 15 - Prob. P15.20APGACh. 15 - Accounting for debt investments Learning Objective...Ch. 15 - Prob. P15.22BPGBCh. 15 - Prob. P15.23BPGBCh. 15 - Prob. P15.24CTCh. 15 - Prob. 25CPCh. 15 - Prob. 15.1TIATCCh. 15 - Prob. 15.1DCCh. 15 - Prob. 15.1EICh. 15 - Prob. 15.1FCCh. 15 - Prob. 15.1FSC
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- (Learning Objective 2: Record issuance of stock for cash and for services) AttorneyKristen Maloney invoiced Dunn for $20,400 and has agreed to accept 1,500 shares of its$0.01 par-value common stock in full payment for this invoice. Dunn issued the common stockto Attorney Maloney on January 29. Record the stock-issuance transaction for Dunnarrow_forward6arrow_forwardNote:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.arrow_forward
- please answer this question I need this for my assignment * please prepare general journal entry to record the above transaction . I need full answer please to help me on my assignment and better learningarrow_forwardClassroom .ıl LTE 3:38 PM 72% Choose This is a required question Boe Company has owners' equity of P400,000 and net income of P66,000. It has a payout ratio of 20% and a rate of return on assets of 15%. How much did Boe pay in cash dividends, and what were its average assets? Choose Dividend = 80,000 ; Average Assets = 400,000 %3D Dividend = 60,000 ; Average Assets = 334,000 %3D %3D Dividend = 13,200 ; Average Assets = 440,000 Dividend = 13,000 ; Average Assets = 340,00... Back Next Never submit passwords through Google Forms. This form was created inside of Philippine Christian University.arrow_forwardHello tutor give answerarrow_forward
- The double entry Equity Case study no. 1: A mumber of persons and/or companies decide to setup a company having a 100,000 lei subscribed capital. Subsequently the shareholders deposit the subscribed capital into the company's bank acCount Homework: Based on the transactions that were recorded, fill in the corresponding Ledger and Final Balance Sheet Case study no. 2: At the beginming of the financial reporting period, FINCONT Ltd. has a social capital of 2,000,000 lei (divided into 20,000 shares) and other reserves of 200,000 lei The Shareholders General Assembly approves the increase of the social capital by isuance of 4,600 new shares, as follows: a) 1,000 shares are distributed to existing shareholders due to incorporating 100,000 lei worth other reserves into the social capital; b) 3,000 shares are given to a new shareholder bringing as contribution a motor vehicle measured at a contribution value of 330,000 lei, c) 600 shares are subscribed by shareholders at an issue value…arrow_forwardAt the start of year 1 owner contribute 100. After year 1 the company purchases the financial assets categorized as AFS worth 10. During year 1 the net income is 20 which is retained. The value of financial assets goes up to 12. During year 2 there is treasury stock operation worth 30 Net income is 40 which is retained. Financial asset goes up to 15. Show the relevant equity components at the end of year 1 and 2.arrow_forwardCould you show me what goes in these blanks?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Financial Reporting, Financial Statement Analysis...FinanceISBN:9781285190907Author:James M. Wahlen, Stephen P. Baginski, Mark BradshawPublisher:Cengage Learning
Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
Financial Reporting, Financial Statement Analysis...
Finance
ISBN:9781285190907
Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
Financial instruments products; Author: fi-compass;https://www.youtube.com/watch?v=gvxozM3TUIg;License: Standard Youtube License